Cortland Free Library Inc

Analysis

Cortland Free Library Inc is a registered charity in United States, based in Cortland, NY. It received its IRS tax-exemption ruling in June 1944, 82 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Cortland Free Library Inc reported income of $713k and spending of $672k, spending 94% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $582k to $713k (+23%), an average of +5.2% a year. The sharpest change came in the year to December 2020, when income rose by 25%. Over the whole period it spent 88% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Cortland Free Library Inc sits at the 72nd percentile: it is larger than about 72% of them. Against every charity in United States with reported income it ranks in the 75th percentile, and in the 71st percentile within NY. Charities of a similar size with the same main cause include Camp Spring Creek Inc ($713k), Racine Vocational Ministry Inc ($713k) and Digital Girl Incorporated ($713k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 68% and program service revenue 2.1% of the total. Compensation of current officers, directors and key employees was $63k (9.4% of expenses). Other salaries and wages came to $235k. At year end it held assets of $6.3m against liabilities of $586k, net assets of $5.7m. It reported 52 employees.